To start off with I am not sure if this is the right sub for this. I have always bought slightly used cars to avoid the initial depreciation. However this leaves me with a total junk. So I am currently debating if it makes more sense for me to keep my old car and fix it or just buy a new car (new or used).

Allow me to explain. First real car I got was a few month old F150, worked great for a bit until it developed a nasty habit of drinking oil. It was under warranty so I kept bringing it to Ford Dealers trying to get it fixed but they did shady things to avoid fixing it until it was out of warranty. The engine was getting worse, consumed more oil and got worse mpg it developed knocking and had misfires. This was around covid when used prices skyrocketed so I sold it and got another car.

This is my current truck, is a Ranger and its manufacture's warranty expired last month...and this month the HVAC system decided to stop working. Took it in, $3000 repair, and my extended warranty will not cover it. Also on this car there is issues with the rear brakes so I will need to replace the rotors and pads soon but hopefully not this year but soon, another $600ish. This is not including all the other small things that do not work on the vehicle either, which parts are on backorder for (covered by warranty). Then this truck alone as been in the shop for transmission issues already and issues with its transfer case and other electronic issues. My point being, I have a feeling this is just the beginning of a very expensive and unreliable vehicle and I am not sure what to do.

I am faced with this dilemma. Do I pay about $3600+ to fix the issues on my current vehicle? Or do I try to trade it in and get another? I am currently leaning towards just seeing how much I can get for it and move on to a Toyota and hope for the best. If I do go this route, is going new the better option? I seem to have absolute horrid luck at buying cars. Honestly I really just want peace of mind knowing my car will turn on when I want it to and shift into D. I am not getting that peace with my year and one month of ownership of my current truck.

As for finances, I hope I can get about $30k for the current truck, I own it outright. As for the new one I am leaning towards a Tacoma TRD Off Road which used will be about $40k and new will be about $46k. Income: $61k before bonuses, $650k in taxable brokerage account, $35k in retirement accounts, and $10k in cash outside of my emergency fund. No debts and minimal spending.

At this point I would not mind selling some stocks to have a vehicle that works but I do not know if that is a good idea, I would probably have a lot of buyer's remorse if I did. I would rather not do it, but I also want a reliable car; I just don't have anyone else to ask.

Comments

IlIlIIllIIIllI t1_jeh3wqn wrote on March 31, 2023 at 11:46 PM

A vehicle being new unfortunately doesn’t mean it’s reliable, my father just bought a new gmc Sierra which had lifter failure at around 1900 miles.

I’ve found it’s best to buy a used vehicle that still has a decent amount of warranty left. You avoid paying the depreciation while still being able to keep the best feature of a new vehicle. I know you’ve noted your issues with warranty in the past. Here’s what I’ll say, not all dealerships are created equal if you often show proof of the issues via video or forums that have similar problems this will Help.

Almost every vehicle has some common issues none are perfect but you can do your research to understand the common issues before they happen.

daviongray t1_jeh4yx5 wrote on March 31, 2023 at 11:54 PM

Sounds like you've had bad luck with shitty vehicles. I usually buy a used car, less than 3 years old, low mileage. That way it's usually still under warranty and you may be able to get an extended warranty. You also bypass the initial depreciation hit of a new car.